A $13 trillion opening

Ripple sees corporate treasury as its biggest stablecoin opportunity, according to Jack McDonald, the company's senior VP of stablecoins, speaking to CoinDesk on September 13.

“So that opportunity set is just massive”

The billion dollar shortcut

Rather than court CFOs one by one, Ripple paid $1 billion in 2025 for GTreasury, a treasury-management software provider, and rebuilt it as Ripple Treasury.

1,200 clients, zero on-chain

Those treasurers and CFOs already move money across borders, between subsidiaries and domestically. All of it runs on traditional rails Ripple now wants to redirect.

“That customer base hadn't been on-chain. They touch roughly $13 trillion worth of transactions on an annual basis.”

RLUSD is still third

Ripple's stablecoin trails Tether's USDT and Circle's USDC nearly two years after launch, though supply hit $2.4 billion, up more than 50% in a month per Token Terminal.

Boring is the goal

Over $300 billion in stablecoins now circulate, with regulators writing rules and banks and FinTechs building on top. The tokens are turning into plumbing, not a product.

“an always-on layer for moving liquidity, extending credit, and settling financial obligations”

From faster to different

Early institutional projects asked whether blockchain could move money cheaper. The newer ones embed it in how money gets funded, stored, routed, converted and put to work.

“The emerging phase is now asking what financial products become possible when money, settlement and transaction data can operate continuously on programmable infrastructure.”